Personal Loan Requirements

Personal Loan Requirements

Although we will accept loan requestors with any credit score, there are still a few basic requirements you must meet in order to qualify for one of our loans. Before you request a loan, make sure you meet specific criteria regarding these items:

• Age/ID/Residency Status - You must be 18 or older to be eligible for a personal loan. You must also have a valid Social Security number, and be a legal U.S. citizen or permanent resident.
• Income - In order to ensure that you will be able to repay a loan, you must either have full-time employment, be self-employed, or receive regular disability or Social Security benefits. Some lenders may require a pay stub or other form of income verification.
• Bank Account - Most lenders require a valid checking account, as once a loan is approved for you through PersonalLoans.com, your lender will deposit your funds directly into said account.
• Credit Type - You do not necessarily need to have a good or excellent credit record to qualify for a personal loan. However, most of our lenders do require that customers demonstrate a pattern of responsibility. To be eligible for a personal loan product, typically an individual must not have any accounts more than 60 days late; must not have active or recent bankruptcies; must not exhibit a pattern of late payments; must not have any debt that cannot be covered by current income; and must not have any recently charged-off accounts.

Meeting these requirements does not necessarily guarantee you will be approved for a personal loan, but it does significantly boost the chances that approval will occur by a lender.

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